Opec concerns widen about oil price drop

Some Gulf oil producers are concerned about the latest drop in oil prices, said Organization of the Petroleum Exporting Countries (Opec) delegates, but they see little chance of the group diverting from its policy of defending market share.

Brent oil LCOc1 is trading near $46 (€40.50) a barrel, close to its 2015 low after an 18% drop in July, pressured by abundant supplies and concern about the health of the Chinese economy, the world’s second-largest oil consumer.

Despite this, the delegates, including from Gulf Opec members, say China is still buying and stockpiling crude and they expect strong global demand growth should push prices back to $60 (€52.81) next year.